I look at whether a project is actually doing work, not just listening to narratives first, but checking how the treasury funds are spent: whether it aligns with milestones, for example, paying for development/audits/operations when a product is to be made, and paying subsidies for ecological development with exit mechanisms. I'm most afraid of that phrase "community building," which long-term just means endless reimbursements, meetings, and posting, while on-chain transfers are quite active.

Additionally, recently someone was complaining that on-chain data tools and tagging systems are lagging and easily influenced, so I don’t put too much faith in a single dashboard. Honestly, I prefer to focus on whether there are verifiable deliverables after the money is spent—code, versions, audit reports, project rollout timelines. Projects that can be reviewed through their processes, even if progress is slow, make me feel more at ease; anyway, I follow my own rebalancing discipline and don’t chase hot topics.